Persistent Net Losses And 2025 EBITDA DeteriorationOngoing net losses and a large 2025 EBITDA drop indicate underlying operating margin pressure and episodic charges. Sustained negative profitability erodes equity, limits retained capital for growth, and makes long-term dividend or reinvestment policies less sustainable without continued asset monetization.
Historically Elevated Leverage And Equity ErosionMulti-year high leverage and declining equity create structural refinancing and solvency risk in economic stress. Even with recent sales and refinancing, the legacy capital structure raises sensitivity to interest rates and restricts strategic optionality until leverage normalizes.
Hotel Segment Headwinds, Impairments And Operational DisruptionsMaterial hotel EBITDA declines, impairments and event-driven disruptions show the hotel portfolio remains exposed to demand swings, rising operating costs, and one-off losses. These structural vulnerabilities make near-term recovery and stable margins for the hotel business uncertain.